GOP Wants to Make Richest 1 Percent Even Richer
New data reveals the richest 1 percent in America now owns 40 percent of the country’s wealth – higher than at any point in the past 50 years.
And Republicans are setting out to further exacerbate the wealth inequality by handing 62 percent of the benefits of the GOP tax scam to the top 1 percent, while raising taxes on tens of millions of middle class families.
If you were designing a tax plan to reduce the extreme inequality in the United States, you’d probably try to find ways to redistribute some of the wealth from the richest households to the poorest ones. But the Senate GOP tax plan does precisely the opposite of that, according to the CBO: In the short term the richest households get the biggest tax cuts, while longer term the taxes of the poorest households actually increase.
Estate tax? Cut. Income tax rate for millionaires? Cut (at least in the Senate bill). Corporate tax rate? Biggest rate cut ever … In the long term that probably means more of the pie for the super-rich, and less of it for everyone else.
As Republicans put the finishing touches on the cruel GOP tax scam, Democrats will hold Republicans accountable for their morally bankrupt mission to give a massive tax cut to the wealthiest on the backs of millions of hard-working, middle class families.